Wednesday, November 13, 2019

Inflation adjustments

The Rhode Island Division of Taxation today posted the following:

  • The inflation-adjusted standard deduction amounts, exemption amount, and uniform rate schedule for the personal income tax for tax years beginning on or after January 1, 2020.
  • The inflation-adjusted income tax rate schedule for estates and trusts for tax years beginning on or after January 1, 2020.
  • The inflation-adjusted numbers for certain personal income tax modifications for the 2019 tax year (one involving income from Social Security, the other involving income from 401(k) plans, pensions, annuities, and some other sources).
  • The maximum credit allowed for the 2019 tax year under the statewide property-tax relief program (Form RI-1040H).

To view the latest Advisory (screenshot below), click here.